Beazer Homes surges as profit beats on higher home prices

Beazer Homes USA

29/04/2022 14:55

** Homebuilder's shares  BZH.N  up 7% at $16.49 premarket
    ** Reports better-than-expected quarterly earnings and
raises FY earnings forecast, citing rising home prices and
margins  urn:newsml:reuters.com:*:nBwc9t4ySa
    ** Says expects to generate fiscal year 2022 earnings per
share of at least $6; In Jan., BZH said it expects 2022 EPS to
exceed $5 per share
    ** "While supply chain challenges are expected to continue
to impact the level of housing starts and construction cycle
times, the larger issue is worsening home affordability as both
home prices and mortgage rates have moved higher this year,"  -
CEO Allan Merrill 
    ** Analysts have cautioned U.S. homebuilders will likely
find it harder to raise home prices in the coming months as
rising mortgage rates and inflation cut into demand  urn:newsml:reuters.com:*:nL3N2WJ3AI
    ** BZH down ~33% YTD through Thursday close

 (Reporting by Ankur Banerjee)